Importance of critical illness cover

In today’s day and age research shows that there is no specific age to develop a heart disease which requires sophisticated heart surgery or any other medical condition. So, it is a must to be prepared for any expensive medical costs of life-support equipments or payment of doctors/specialists to survive. These are times of high stress, anxiety and unhealthy life styles which further increases chances of health care costs.

Being sick takes a toll on one’s health as well as finances. One has to bear the medical costs as well as the loss of income (if one happens to be the breadwinner). What would happen if one also has a home loan (or any other loan) in his/her name?

To save you from this all you need to have is a critical illness cover in our banc assurance home loan insurance policy, which will keep your EMIs for your home loan from bouncing but also covered the medical bills instead of eating your savings during contingency.

It is very simple to obtain such a cover. You just need a simple declaration of your health. There may not even be a medical check-up. We all are aware that if one has secured savings it facilitates one’s speedy recovery.

In fact an ICICI Lombard analysis also indicates at a worrying pattern in the occurrence of various lifestyle diseases in men and women alike! ICICI Lombard's Health Research Cell analyzed the claims distribution data of the past two years from the company's group health portfolio. The results clearly showed that critical diseases such as cardiac ailments, cancer, kidney or renal failure and stroke are affecting people at an early age. It shows that there is an immediate need to address these health risks that affect a large number of individuals and increasingly so at a younger age.

The cost of involved in treatment or procedures of critical illnesses is usually very high, which may be difficult to provide for by an individual's savings alone. So, it is essential to prevent the risk of these lifestyle ailments through health insurance that provides comprehensive protection against critical or life endangering diseases such as cancer , coronary artery bypass graft surgery, heart attack, end stage renal failure, major organ transplant , stroke, paralysis, heart valve replacement surgery, multiple sclerosis cancer, heart attack, stroke and kidney failure etc.

A critical illness cover offsets such risks by helping one focus on health as it takes away the monetary stress. Careful evaluation of both existent and imminent health risks based on factors such as age, gender, heredity and lifestyle is basis on which one can gauge the insurance needs and choose the right cover. Some general insurance companies have comprehensive home loan insurance policies, which pay off the loan, insure the home and simultaneously provide cover against critical illnesses.

These policies include cover for

· Losses to structure and contents of home

· Living expenses while one is off work due to the ailment.

· These policies also ensure that the loan EMIs are not dishonored in case of loss of employment in the event of such illnesses.

Even in case of unfortunate death or permanent disability caused by an accident, the total sum assured is paid off to the insured. So you should opt for a policy that covers multiple individuals under the same loan in case of joint loans. Before taking a policy, make sure you go through the different exclusions in the insurance contract which may prevent payout in certain circumstances.

The policy's premium usually depends on

· the age of the applicant,

· loan amount,

· loan tenure,

· sum insured and

· Applicant’s occupation.

The risk in all financial liabilities can be nullified with adequate insurance cover. A critical illness cover takes care of immediate and future financial requirements arising from a severe ailment so that the savings are intact and used in the way initially planned. It is not possible to prepare for everything but some of the burden can be lifted with a critical illness insurance plan.